Xerox announced today that it would be dropping its hostile takeover bid of HP.

The drama began last fall with a flurry of increasingly angry letters between the two companies, and confrontational actions from Xerox, including an attempt to take over the HP board that had rejected its takeover overtures.

All that came crashing to the ground today when Xerox officially announced it was backing down amid worldwide economic uncertainty related to the COVID-19 pandemic.

As for HP, it said it was strong financially and would continue to drive shareholder value, regardless of the outcome:We remain firmly committed to driving value for HP shareholders.

Last month, HP offered its investors billions in give-backs in an effort to convince them to reject the Xerox bid. | To read full story, visit https://startuparound.com/read/1585695609.61579/Xerox-drops-$34B-HP-takeover-bid-amid-COVID-19-uncertainty-–-TechCrunch?ref=audio_experience